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HEVI Abandons 4th Farmout Well in Saskatchewan

Helium Evolution will abandon its fourth farmout well in Saskatchewan, drilled by North American Helium, who will suspend the cased hole portion for potential re-entry and side-track drilling. This is the 6th unsuccessful well for HEVI since the IPO, although the potential for re-entry offers some hope. HEVI shares are down >70% since IPO as it has failed to achieve its 1 in 3 to 1 in 4 expected exploration success rate. HEVI provided spud dates for its remaining 3 wells - the Mankota and McCord wells are to be drilled by 31st August 2023 and the Fox well by 31st March 2024. NAH is responsible for 100% of the drilling costs for these 3 wells.

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